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Palladyne AI (PDYN) is a software company specializing in automating robotic systems. It uses artificial intelligence (AI) and machine learning to alter the capabilities of its robots, allowing them to learn, reason, and act human-like. Palladyne AI was formerly known as Sarcos Technology and Robotics Corporation.
About PDYN Stock
Palladyne was founded in 1983 and is based in Salt Lake City, Utah. The company largely flies under the radar with a market capitalization of of $310 million, but in the last 52 weeks, PDYN stock has gone from trading below $1 to surpassing $10. It has rocketed nearly 1,500% but is still trading below its all-time high of $60 from 2021 when it went public through a special purpose acquisition company (SPAC) deal worth $1.3 billion.
Palladyne Provides Positive Update
Palladyne AI shared exciting news with investors on Dec. 30, stating that its drones were able to track moving targets for the first time. Palladyne’s Pilot AI platform was used on a third-party small drone, identifying and prioritizing targets of interest. Once the drone identified a target, Pilot AI enabled it to continue tracking the target as it moved.
Palladyne co-founder and CTO Dr. Denis Garagic said that he expects the company to finish commercialization of Palladyne Pilot by the end of the first quarter of 2025 and believes small, economical drones will be able to offer the same level of artificial intelligence as bigger, multimillion-dollar drone systems.
Palantir and Palladyne
Palladyne, then known as Sarcos Robotics, came public via a SPAC deal with Rotor Acquisition. The deal was led by Brian D. Finn and was worth $1.3 billion. This included $220 million of private investment in public equity (PIPE), and Palantir (PLTR) bought in as part of the PIPE.
Palantir and Palladyne also entered into a partnership in 2021. As a result, Palladyne can use Palantir’s edge technology to stream high-volume sensor data from its robots. This would enable the company to access real-time data and run complex algorithms while rolling out software updates simultaneously.
“What makes the Sarcos and Palantir relationship so unique is the fact that we’re pushing that technology curve. It’s the advancement that [Sarcos is] making in AI, machine learning, and cloud computing, and it’s [Foundry] that allows us to be able to run those models and really understand what’s happening with the robot in real time,” said former Palladyne CEO Kiva Allgood.
Palladyne Posts Third-Quarter Results
Palladyne AI reported its Q3 results on Nov. 13. It posted revenue of $871,000, down 52% from the same quarter last year. It also posted a net loss of $7.1 million, 76% narrower than last year’s $29.68 million and translating to a loss of $0.27 compared to a $1.13-per-share loss last year.
Palladyne incurred operating expenses of $8.17 million, narrower than last year’s $32.58 million. Its expenses from research and development came to $2.58 million, and general and administrative expenses totaled $3.97 million. The AI company ended the quarter with a cash balance of $21.33 million balance, slightly down from December’s $23.14 million.
Analyst Ratings and the Bottom Line on Palladyne Stock
No analyst coverage is currently available on Palladyne AI stock, and as a result, investors should be cautious when considering purchasing shares.
Palladyne has the potential to become the next Palantir, but it is still a long way from there. Palantir has established itself as a major player in the data analytics field while Palladyne still has room for growth. Its recent done tracking news is a big boost to the company and could help it position itself as a strong candidate in the AI industry.
